Who Needs Estate Planning?
Everyone needs a plan for the future. A common misconception is that estate planning is only for the elderly or those with large estates. But that is simply not true. Anyone who owns property or personal belongings needs a well-prepared estate plan, especially people going through a major life change, such as first-time parents and newly married couples. It is also important to revisit your estate plan periodically to ensure the plan is still relevant and meets your goals.
Why do I Need a Will or Trust?
A will tells the world to whom you want to leave your assets. Without a will, the state decides by following intestacy laws. This includes important matters like caring for your children–if you are a parent to young kids, an estate plan is essential for you to designate guardians and put people in place to love and care for your kids if you cannot.
A trust works to place conditions on how your assets will be distributed. It is also a useful planning tool to minimize estate taxes and avoid the probate process for those assets included in the trust.
What is Probate?
Probate is the process of gathering together all of the assets of an individual’s estate, paying the estate’s creditors, and distributing the assets to the heirs of the estate. It is the process by which the government tries to assure that no funny business takes place that deprives the heirs of receiving their share of an estate in a timely manner.
What Can I Expect During the Estate Planning Process?
We always start the process off with a free consultation so that we can get to know you, understand your situation, and assess your estate planning needs and goals. During this meeting after we understand more about your needs and goals, we will be up front about the cost of producing your estate plan. If you decide to retain us, you will sign an engagement letter. Once the engagement letter is signed, the estate plan documents are created. You then have a chance to review the documents and provide feedback. Once you are happy with the estate plan documents we have a signing appointment. During the appointment we explain the documents and you sign the documents with a notary present.
How much does it cost to create an estate plan?
The amount of the fee depends upon the work that needs to be done for each client. Because our firm charges a flat fee for all estate planning work, and not by the hour, we are able to take our time to get to know our clients and their unique situations, needs and goals. After the initial, complimentary consultation, we will be able to advise you on the work we feel is appropriate for your unique situation, and what the fee is for that work.
How long does the estate planning process take?
Typically, we can complete the estate planning process from start to finish within as little as 2-3 weeks. Sometimes it takes longer, depending upon the revisions that need to be made to the document drafts to ensure they meet the client’s needs and goals. We want to be sure each client is comfortable with the process and the plan they put in place.